Surge Copper Corp. (the “Company”) (SURG: TSX-V) is pleased to
announce that assay results for hole S18-211 have been received and
are presented below. Hole S18-211 is the first hole from the
Company’s 2018 Ootsa drilling program. The Ootsa Property is
an advanced stage copper-gold exploration project containing the
East Seel, West Seel, and Ox porphyry deposits, and is located
adjacent to the Huckleberry Copper Mine in British Columbia.
HIGHLIGHTS
- Hole S18-211 intersected 202 metres of continuous
mineralization grading 0.50% copper equivalent (Cu Eq.) from the
start of bedrock at 7.8 metres to the end of the hole at 209.8
metres.
- Included in this interval is a higher-grade section
containing 0.77% Cu Eq. over 52 metres.
- The hole demonstrates the potential to increase
mineralization at East Seel around the edges of the
deposit.
Hole S18-211 was a 50 metre step out on the
north side of the East Seel deposit and was drilled back toward the
deposit at an azimuth of 135 degrees and a dip of -50 degrees and
ended within the known deposit. The hole encountered
mineralization at the start of bedrock at 7.8 metres depth and
mineralization was continuous to the end of the hole at 209.8
metres depth. Assay results from the hole are summarized in
the table below.
Summary of select drill intercepts – Hole
S18-211
Drill Hole |
From (m) |
To (m) |
Width (m)* |
Cu % |
Au g/t |
Ag g/t |
Cu Eq.%** |
S18-211 |
7.8 |
209.8 |
202.0 |
0.26 |
0.31 |
1.32 |
0.50 |
including |
44.0 |
182.0 |
138.0 |
0.31 |
0.37 |
1.53 |
0.59 |
including |
124.0 |
176.0 |
52.0 |
0.42 |
0.47 |
1.73 |
0.77 |
*Width refers to drill hole intercepts, true widths have not
been determined.**Cu Eq. (copper equivalent) has been used to
express the combined value of copper, molybdenum, gold and silver
as a percentage of copper, and is provided for illustrative
purposes only. No allowances have been made for recovery
losses that may occur should mining eventually result.
Calculations use metal prices of US $2.50/lb copper, $1200/oz gold,
$15 silver, and $10/lb molybdenum using the formula Cu Eq.% = Cu% +
(Au g/t x 0.701) + (Ag g/t x 0.0087) + (Mo% x 4.01).
Dr. Shane Ebert President of the Company stated,
“Hole S18-211 highlights the strong mineralization at East Seel and
was successful in demonstrating the potential to expand
near-surface mineralization along the edges of the deposit through
additional definition drilling. Adding tonnage around the
edges of East Seel would also improve the already low stripping
ratio identified in the 2016 Preliminary Economic Assessment
(PEA). A program focused on deposit expansion and
optimization will be conducted at a future date, for now the
Company will focus the bulk of the 2018 exploration program on
testing geophysical and geochemical exploration targets surrounding
the East and West Seel deposits.”
Drill Program UpdateAn
exploration and drilling program is currently underway at the Ootsa
Property. A map showing the location of 2018 drill holes is
available in the map gallery on our website or by clicking
here.
Hole S18-211, released here, was the first hole
of the program and assays were done on an expedited basis. The
second hole of the program, S18-212, was located 500 metres
northeast of the East Seel deposit and intersected a new zone of
mineralization containing “breccia hosted” sulfides including
pyrite, chalcopyrite, and sphalerite. Photographs of the
mineralization in hole S18-212 are available in the photo gallery
on our website at www.surgecopper.com or by clicking here.
Holes S18-214 and 215 were step outs from hole 212 to better
understand the “breccia hosted” mineralization. Hole S18-213
targeted a coincident magnetic-chargeability-resistivity
geophysical anomaly located 650 metres east of the East Seel
Deposit and the hole was abandoned in an altered fault zone at
120.7 metres depth due to difficult drilling conditions.
Holes S18-216 and 217 both targeted a new area showing potential
for porphyry style quartz-chalcopyrite-molybdenite mineralization
located between the East Seel deposit and the historic Damascus
high grade silver vein. The drill is currently set up on hole
217 but is shut down due to mechanical issues.
All holes with the exception of the bottom
portion of S18-217 have been logged, sampled, and sent for assay
with results for hole S18-212 expected within 3 weeks.
About Surge Copper Corp.
The Company owns a 100% interest in the Ootsa Property, an advanced
stage exploration project containing the East Seel, West Seel and
Ox porphyry deposits located adjacent to the open pit Huckleberry
Copper Mine. The property contains NI 43-101 compliant
resources of 224 million tonnes in the Measured and Indicated
categories with contained metals of 1.1 billion pounds of copper
and 1 million ounces of gold as summarized in the table
below.
On February 9, 2016, the Company announced a
positive Preliminary Economic Assessment (PEA) for the Ootsa
Property with potential for low capital cost, low
risk and rapid pay back utilizing
existing infrastructure in the district with a contract mining and
toll milling scenario. The study recommends the Company
continue to advance the Ootsa Project with extended and advanced
technical studies with the intention of moving the project toward a
production decision.
Ootsa Project Pit Constrained Mineral Resource Estimate at
$8.50/t NSR Cut-off Value
Category |
Tonnes (‘000’s) |
CuEq% |
Cu % |
Au g/t |
Mo % |
Ag g/t |
CuEqM lbs |
CuM lbs |
Au K oz |
MoM lbs |
Ag K oz |
Measured |
187,148 |
0.38 |
0.23 |
0.15 |
0.021 |
2.8 |
1,568 |
934 |
916 |
85 |
17,089 |
Indicated |
37,041 |
0.35 |
0.21 |
0.12 |
0.023 |
2.8 |
286 |
175 |
146 |
19 |
3,368 |
M&I |
224,189 |
0.37 |
0.22 |
0.15 |
0.021 |
2.8 |
1,854 |
1,109 |
1,062 |
104 |
20,457 |
The current technical report supporting the
resource statement and PEA is available on SEDAR or the Company’s
website at www.surgecopper.com and has an effective date of January
2016. The resource estimate uses $8.50 per tonne NSR cut-off
value. Mineral resources are not mineral reserves and by
definition do not demonstrate economic viability. There is no
certainty that all or any part of the mineral resource will be
converted into mineral reserves. A ‘Measured Mineral
Resource’ is that part of a mineral resource for which quantity,
grade or quality, densities, shape and physical characteristics are
so well established that they can be estimated with confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support production planning and evaluation
of the economic viability of the deposit. An ‘Indicated
Mineral Resource’ is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. Copper Equivalent (CuEq)
calculations are based on base case metal price (US$3/lb Cu,
US$1260/oz Au, US$10.30/lb Mo, and US$17/oz Ag) and process
recovery assumptions, and take into account smelter payable rates
and refining costs. M&I = measured and indicated. The
resource update and Preliminary Economic Assessment was completed
by P&E Mining Consultants Inc. in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects.
Quality ControlAll drill core
is logged, photographed, and cut in half with a diamond saw.
Half of the core is bagged and sent to Activation Laboratories Ltd.
in Kamloops British Columbia for analysis (which is ISO/IEC 17025
accredited), while the other half is archived and stored on site
for verification and reference purposes. Gold is assayed
using a 30g fire assay method and 37 additional elements are
analyzed by Induced Coupled Plasma (ICP) utilizing a 4-acid
digestion. Duplicate samples, blanks, and certified standards
are included with every sample batch and then checked to ensure
proper quality assurance and quality control.
Dr. Shane Ebert P.Geo., is the Qualified Person
for the Ootsa project as defined by National Instrument 43-101 and
has approved the technical disclosure contained in this news
release.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Shane Ebert”President and Chief Executive Officer
For Further information, please
contact:Telephone: 604-718-5454Toll Free:
888-500-4587info@surgecopper.comhttp://www.surgecopper.com
Or Don MosherCorporate DevelopmentTelephone:
604-685-6465don@surgecopper.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This News Release contains forward-looking
statements, which relate to future events. In some cases, you can
identify forward-looking statements by terminology such as "will",
"may", "should", "expects", "plans", or "anticipates" or the
negative of these terms or other comparable terminology. These
statements are only predictions and involve known and unknown
risks, uncertainties and other factors that may cause the Company’s
actual results, level of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance, or achievements expressed or implied by
these forward-looking-statements. Such uncertainties and risks may
include, among others, actual results of the Company's exploration
activities being different than those expected by management,
delays in obtaining or failure to obtain required government or
other regulatory approvals or financing, inability to procure
equipment and supplies in sufficient quantities and on a timely
basis, equipment breakdown and bad weather. While these
forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect the Company's current
judgment regarding the direction of its business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggests herein. Except as required by applicable law, the Company
does not intend to update any forward-looking statements to conform
these statements to actual results.
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